Mayor Rogero Presents Pension Plan Alternatives to City Council

Communications Director

Mayor Rogero Presents Pension Plan Alternatives to City Council

Posted: 04/02/2012

Knoxville Mayor Madeline Rogero released to City Council today a report prepared by pension plan actuary Alan Pennington that outlines five alternative pension plan designs for future City employees; and a memo from Bill Lyons, Deputy to the Mayor and Chief Policy Officer, that explains the alternative scenarios and design considerations.

City Council will begin discussions of these draft proposals at a workshop on Monday, April 9th, at 7 p.m. in the Main Assembly Room of the City County Building.

"I am anxious to get these draft scenarios on the table so that we can begin a robust and practical discussion of the future of the City pension system," said Mayor Rogero. "Other assumptions and alternatives will likely surface as our public discussions ensue. We must design a sustainable pension system that provides competitive benefits for our future employees while reducing future costs and market risk to the taxpayers."

It is anticipated that changes to the City pension system will be presented to Knoxville voters on the November 6th ballot. Proposed changes must be finalized by June 21, 2012, to send to the pension board for their review for proper form, after which the proposed changes are sent to City Council for their final approval.